Bloomington, TX Bankruptcy Law Firms & Lawyers

First, for you and anyone who reads these questions and answers, you must list all of your assets and all of your debts. Period, no exceptions. You may not pick and choose. With that being said, a Chapter 7 Trustee will be appointed in the case and will determine the value of the car, subtract the various claimed exemptions you choose and whether they are legally sufficient, subtract the amount owed on the vehicle and see if there is equity which needs to be liquidated for the benefit of the creditors in the case. So if the vehicle is worth $19,000 and only you are no the title, then the most you could claim as exempt is $6,000, but that number will certainly be less. Subtract the exempt amount from $19k and subtract the amount owed from the amount after subtracting the exemptions and you have the equity. The larger the equity, the more you have to pay the Trustee. The exemption amount will vary on other factors in your case and I cannot determine that without much more information.

You need to amend the existing schedule listing the creditors along with the mailing matrix for the court. You will also need to send the amended schedules and the Notice of the Meeting of the Creditors to the new creditors that you list and then file a Certificate of Mailing with the court. You want to make sure to add all the creditors at one time because it will cost you $30 each time you amend the schedules.